The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1887-12-07

single 0fncial. upon DIS judgment Ol lls neces-
atty. to withhold from or release TO the business
OF the people, in an unusual manner. money
held in the treasury, and thus affect, at MS VIII,
the financial situation OF the country; and II It
Is deemed wire 20 lodge in the Secretary OF the
Treasury the authority in the present luncture
20 purchase bonds, IL should be plainly vested,
and provided as far as possible with such
checks and limitations as will define this
officials right and discretion, and at the same
time relieve him from undue responsibility.
PROPOSITIONS CONSIDERED.
In considering the question Of purchasing
bonds as means OF restoring TO circulation the
surplus money accumulating in the Treasury,
IL should be Dornetin mind tnat premiums must
OF course be paid upon such purchase, tnat
there may be large part OF these bonds held as
investments which cannot be purchaEed at any
price. and that combinations among holders
who are willing TO sell may unreesonably en-
hance the cost of such bonds to the Govern
ment
Itbas been suggested tha. the present bonded
debt might be refunded at less rate OF interest
and the difference between the old aud new
securities paid In cash, thus finding use for the
surplus in the Treasury. The success OF this
voiliion OF the holders OF the present bonds;
and IL is not entirely certain that the indu' G.
mentwhich must be offered them would result
I'm more financial benefit 70 the Government
than the purchase of bonds, while the latter
proposition would reduce the principal OF the
debt oy actual payment instead OF extend
isg g.o.o.,,,o,, i, . ,o...,, -, .,o.o. ala -.
the GovernnIen Mt in banks throughout the coun-
try, Tor use by the people, IS 10 seems 70 me, ex-
ceedingly Objectionable in principle, as estab'
fishing too close a relationship between the Op.
tratlOus OF the Govs rnment ITc asuTy and the
business Of the country, and 100 extensive
commingling OF their money, thus fostering an
unnatural reliance in private business upon
public funds II this scheme should be adopted
IL should only be done e. a temporary expedi-
ent to meet an urgent necessity. Legislative
ana executive effort should generally be in the
opposite direction and should have q tendency
TO divorce. ss much aud as fast as can safely be
nnra nrfvr
terprises. OF course, il IS not expected that un
necessary and eXtravsgant appropriations will
be made for the purpose of avoiding the accum-
ulation of an excess II revenue. Such expep di-
lures, beside the decentralization of all just con-
ceptiOns OF public duty which IL entails, stimu-
lates a habit of reckless improvidence not in the
leest consistent vita the mission of our people
or the high and benefcent purposes OF our Gov
eTnment
GRAVITY OF THE SITUATION.
had de emed it my duty to thus bring to the
knowledge OF my country n en-, as well as to the
attention OF their rep eseniatiyes charged with
the Iesponsi bility Of legislative relief the gray.
the Congress heretofore 10 provide against the
dangers which it wss quite evident the very
nature of the difficulty must necessarily pro-
duce, caused condition OF financial distress
and apprehension since your lssf sd Journmt mt
which taxed to the utmost ali the authority
and expedients within executive control; and
these appear now to Re exhausted. IL dl aster
result from the continued inaction Of Congress
the responsibility muStresls where IL belongs.
IIOuEQ the LHlb lar CONSIDERED Is
fTaught with danger which thould be fully re-
allied, and though IL presents features of wrong
to the people as we'll as as peril to the country,
II Is but result growing out OF perfectly pal.
able and apparent cause, constantly IeprCduc.
ing he same alarming circumstanCes-a con-
gested National Treasury and depleted none
tary condition IN The business OF the country.
It need hardly be stated that while the present
situation demands a remedy, we can only be
saved from Ike predicament in the future by
the removal OF It's cause.
Our scheme OF taxation, by means OF which
this I eedlt IS surplus is taken from the people
and put into the public treasury, consists OF a
tariff or duty levied upon the impoTtations from
abroad, and internal revenue taxes levied upon
the consumption OF obaccO and spirituous and
the things subjet TED to internal revenue taxa
ton are, strictly speaking, necesSaries. there
appears to be no Just complaint OF this taxation
by the consumers of these articles, and there
seems to be nothing so wen able 10 bear the
burden without hardship to any portion OF the
people.
REDUCE THE TARIFF
But our present tariff laws, the vicious, in.
equitable and logical source of unnecessary
taxation, ought 10 be at once revised and
amended. These laws, as their primary aud
/ plain effect raise the price to consumers of all
/ articles imported and subject TO duty. by pre-
\ cisely the sum paid for such duties. Thus ths
/ amount OF the duty measures the tax paid nv
/ those who purchase for use these imported
! articles. Many of these things, however are
country, and the duties nov , levied
upon foreign goods snd products sre called
! protection TO these home waBufaCt tres, be
| cause they render il possible for thoss Of our
/ people who are manufacturers, to make these
taxed articles and sell them for a price cor ~ 10
! that demanded for The impor ed goods IN Al
1 have Iaid customs dufy. So Il happens thai
| while comparatively few use the int por ted ar
I ucles, millions OF our people, who never Use
and never saw any OF TIE foreign preducis
| In this country, and pay therefor nearly OF
| quite the enhanced price, which the duty adds
nc e da CHARGED anose seeo1 w9 n 6y @ t5
| public Treasury, but the great majority of oul
! citizens, who buy dome tic articles OF the same
| class, pay sum at leastapprozimately equal 10
this duty to the home manufacturer. Tfis ref
| eTence to the operation of our tariff laws is not
made by way OF instruction, bat in order thai
| We may be constantly reminded OF the manner
in which they impose burden upon those " hC
| consume dOmestic products as wei rs those who
| consume imported articles, and thus creates
1t is not proposed tc entirely relieve the coun
| ty OF this taxation. IL must be extens yely
continued as the rouroe OF the Govern menr'
income. and IN a readjus mt of our tariff the
| Interests OF American labor engaged in thl
manufacture should be carefully considered al
| well as the preservation OF our manufacturers
It may be called protection or by any othel
name, but relief from the hsIdships and dau-
| gers OF our present tariff laws should be de-
| vised with especial precsutiOn against imperil-
esis. sn '"e = Ouf nAii'iSc'"fins inter
But this existence should not mean a eondi
ton which, without regard TO the public vel
fare OF a national exigsncy, must always in
! sure the realization of Immense profits instead
OF moderately profitable returns. AS the
| volume and diversity of our national activitie
| increase new recruits are added TO those who
| desire continuation OF the adv antages which
| they conceive the present system Of tariff taxa
tion directly affords them so stEbbornly have ali
| efforts to reform the present condition been re
| sisted by those of our fellow-citizeDs thus en-.
| gagged that they can hardly com plain OF the sus
| pieion entertained TO a certain extent tha
there existed an organized combination all
along the line to main tain their advantage.
INFANT INDUSTRIES.
| We are in the midst of centennial celebra-
tions, aud, with becoming pride, we rejoice in
| American skill aud ingenuity, in America n
energy aud enterprise ana in the natural ad
vaDfages aud resources developed by a cen
| tury's rational growth. Yet, when an attemp
| is made 10 justify a scheme which permits
tax 70 be laid upon every customer in the land
! for the benefit OF our manufactures quite be
! yond a ItasoDable demand for governmental
regard. II suits the purposes OF advocacy 20 Call
| our manufacturers infant industries still need
ing the hiRhestsn greatest degree OF favor and
| fostering care that can be wrung from federal
legislation. 1t Is also said that the increase in
| The price of domestic manufactures resulting
| from the present Iarif is necessary, In order
that higher wages may be paid to our working
men employed IN manufactures than are paid
for what fs rallied the ''psuper labor of Europe
Ali will acknowledge the force OF an argumen,
which involves the welfare and liberal cOmpeH
sation OF our labor is honorable In the eyes OF
/ eYerv American citizen; and as IL lies at the
foundation OF our development and progress,
IL is e8titled, without affeetatfon or hypocrisy,
TO the utmost regard. The standard of our
laoorers' life should not be measured by that
entitled to their full share OF our advantages
/ By the last census il is made to appear that o